The most defensible way to estimate how high VET can go is through market capitalization, not the token’s nominal price. With approximately 85.99 billion VET circulating, a seemingly modest price can represent a substantial valuation. Approximately 99% of the maximum supply is already circulating, so future dilution from large token unlocks appears limited. That is more favorable than assets with substantial scheduled emissions or vesting supply. If demand increases, holders would not face the same degree of dilution risk associated with a large future supply entering the market.